Principles of Economics - 7th Asia Pacific Ed: MCQ's
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5 Terms
1
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Economics is best defined as the study of
How society manages its scarce resources.
2
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Your opportunity cost of going to a movie is
The total cash expenditure needed to go to the movie plus the value of your time.
3
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A marginal change is one that
Incrementally alters an existing plan.
4
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Adam Smith’s ‘invisible hand’ refers to
The ability of free markets to reach desirable outcomes, despite the self-interest of market participants.
5
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Governments may intervene in a market economy in order to
Note 
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